The interim government has increased interest rates on various national savings certificates to upwards of 12 percent in an effort to make these instruments more attractive to savers and to cool inflation.

Rising rates are creating headwinds for at least 40 listed conglomerates

Bangladesh Bank Governor Ahsan H Mansur said tightening monetary policy is the only globally practised remedy to heal inflationary pain, as businessmen opposed interest rate hikes for obstructing business expansion and job creation. 

The rate will be further raised to 10℅, BB governor tells BBC in an interview

The Federal Reserve is unlikely to raise interest rates at its Oct. 31-Nov. 1 meeting, Goldman Sachs strategists wrote on Saturday, while also forecasting the US central bank would lift its economic growth projections when policymakers gather next week.

In the name of taming inflation, central banks have set themselves on a path to cause a recession.

Bangladesh Bank can better fix the currency turmoil by freeing both interest rate and exchange rate to adjust over time.